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Creditors Unhappy With Leeds Deal

Some of the smaller creditors to Leeds United have voiced their opinions regarding the acceptance of the 1p in the 1 offer from Ken Bates that was accepted during the CVA meeting of last week. It is believed that despite interest from other parties, the creditors were only allowed to bid for the Bates deal, which was offering considerably less return than at least one of the alternatives.

A great example of one unhappy creditor is Holmfirth based balloon supplier Ballyhoo Banners and Balloons who will now receive just 9.14 of the 914 owed to them. The company supplied party related items for club New Years parties over the past few years. Company owner Paul Garlick said : 'It's odd, that is the feeling among an awful lot of people.

'No other offer ever had a chance unless somebody was going to come along and say 'here's 35m, everyone gets paid in full.'

'If they are effectively waiving their debts and not taking control of the club because Ken Bates has control, what's in it for them? That's something that has really got to be asked.'


Jonathan Batchelor, of Ramus Seafood Ltd has seen his company receive just 22 quid from the total money owed by the club and isn`t particularly pleased with the club`s situation. Batchelor told the Yorkshire Post: 'I find the whole thing a huge mess; a tragedy, to be honest.

'What really annoys me and a lot of other people in our situation is that in a normal business environment this kind of thing can't happen. In any other line of business the way this has been gone about wouldn't have been allowed.'



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The Journalist

Writer: LUFC1 Mail feedback, articles or suggestions

Date:Friday June 8 2007

Time: 7:05AM

 

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